Fitch affirms Energisa

Fitch Ratings said it affirmed Energisa SA and its subsidiaries' foreign and local currency issuer default ratings at BB and BB+, respectively, and their long-term national scale ratings at AA+(bra).

The outlook is stable.

Fitch said it believes Energisa's recent acquisitions of Centrais Eletricas de Rondonia SA and Eletrobras Distribuicao Acre do not change the Energisa group's consolidated credit profile.

The agency also said it believes the group has a positive track record to improve the poor operational performance and negative EBITDA of both energy distribution companies and should also rely on synergy gains and an extraordinary tariff reviews in 2019 in order to gradually present consolidated credit metrics in line with the current ratings until the end of 2021.

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